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Energy Minerals


Company Background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

Business Summary

CNOOC Ltd. is an investment holding company, which engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products through its subsidiaries. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, North America, South America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Financial Highlights

Dec 2020 HKDUSD
Gross Profit66,116.99M8,524.63M
Operating income49,797.59M6,420.52M
Income before tax39,934.93M5,148.91M
Net income28,042.89M3,615.64M
Diluted EPS0.620.08
Dividends Per Share0.450.05
Total Assets855,172.65M110,290.07M
Total liabilities340,687.79M43,937.88M
Total equity514,221.65M66,318.23M
Operating cash flow91,918.11M11,851.23M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 171,161.62M 214,860.44M 266,634.78M 263,414.46M 174,501.71M
Gross Profit 31,825.38M 75,856.97M 119,195.14M 119,849.30M 66,116.99M
Operating income 14,580.69M 59,065.72M 99,012.05M 100,300.58M 49,797.59M
Income before tax -6,074.60M 41,922.78M 95,163.76M 95,982.62M 39,934.93M
Net income 744.28M 28,454.72M 62,391.10M 69,219.93M 28,042.89M
EBITDA 96,939.01M 130,342.63M 162,259.52M 168,894.59M 111,535.55M
Diluted EPS 0.01 0.63 1.39 1.55 0.62
Dividends Per Share 0.35 0.50 0.70 0.78 0.45
Total Assets 711,423.33M 740,937.66M 782,719.47M 847,594.41M 855,172.65M
Total liabilities 284,834.40M 284,798.45M 303,872.10M 346,210.87M 340,687.79M
Total equity 426,588.92M 456,139.21M 478,835.96M 501,339.91M 514,221.65M
Operating cash flow 82,863.07M 106,575.20M 145,712.70M 139,098.66M 91,918.11M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 22,049.92M 27,571.60M 34,020.19M 33,619.37M 22,498.94M
Gross Profit 4,099.91M 9,734.21M 15,208.22M 15,296.26M 8,524.63M
Operating income 1,878.36M 7,579.50M 12,633.04M 12,801.28M 6,420.52M
Income before tax -782.56M 5,379.66M 12,142.03M 12,250.18M 5,148.91M
Net income 95.88M 3,651.40M 7,960.54M 8,834.48M 3,615.64M
EBITDA 12,488.18M 16,725.99M 20,702.84M 21,555.88M 14,380.56M
Diluted EPS 0.00 0.08 0.17 0.19 0.08
Dividends Per Share 0.04 0.06 0.08 0.09 0.05
Total Assets 91,759.26M 94,781.78M 99,972.47M 108,780.30M 110,290.07M
Total liabilities 36,737.89M 36,431.81M 38,811.92M 44,432.72M 43,937.88M
Total equity 55,021.36M 58,349.96M 61,159.09M 64,341.99M 66,318.23M
Operating cash flow 10,674.85M 13,676.08M 18,591.62M 17,753.05M 11,851.23M

Valuation Measures

Dec 2020
Operating margin28.53%
Profit margin16.07%

Key executives

  • Chief Executive Officer & Executive Director: Ke Qiang Xu
  • President & Executive Director: Qing Long Xia
  • Chief Financial Officer: Wei Zhi Xie
  • Joint Secretary & Compliance Officer: Xiaonan Wu
  • Non-Executive Director: Dong Fen Wen


  • China State-Owned Assets Supervision & Admn Commission (64.4%)
  • Vontobel Asset Management AG (0.3%)
  • State Street Global Advisors Asia Ltd. (0.3%)
  • GF Fund Management Co., Ltd. (0.2%)
  • Hang Seng Investment Management Ltd. (0.2%)
  • FIL Investment Management (Hong Kong) Ltd. (0.2%)
  • Zhong Ou Asset Management Co., Ltd (0.2%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.1%)
  • Skagen AS (Investment Management) (0.1%)
  • HuaAn Fund Management Co., Ltd. (0.1%)

Contact Details

  • Website:
  • Address: Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
  • Phone: +852.2213.2500

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  • CNOOC Luxembourg Holding SARL
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Last Updated on 15 Oct, 2021

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